Annual Secretarial Compliance Report for the year ended March 31, 2025, Pursuant to Regulation 24A of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Awaiting price reaction for this filing.
MRPL, an ONGC subsidiary and Central Public Sector Enterprise, has filed its Annual Secretarial Compliance Report for FY25. The Practicing Company Secretary flagged multiple non-compliances with SEBI LODR regulations, mainly around board and committee composition due to a shortage of Independent Directors. The Ministry of Petroleum and Natural Gas appointed four Independent Directors on March 28, 2025, including Ms. Cheruvally Nivedida Subramanian as Independent Woman Director, resolving all composition issues. Fines of Rs. 5.36-5.43 lakh per quarter were levied by BSE and NSE for board composition non-compliance, plus Rs. 1.25 lakh each for Audit, Nomination & Remuneration, Stakeholders Relationship, Risk Management, and CSR committee composition gaps during Q3 FY25. MRPL has requested waiver of these fines citing government appointment delays. The company has also not maintained a formal succession plan for board/senior management, citing DPE guidelines as the governing framework.
The compliance gaps are procedural in nature and have been fully resolved with the March 2025 director appointments. While accumulated fines from stock exchanges add up to roughly Rs. 30+ lakh, MRPL has sought waivers citing no fault of its own, so the financial hit to shareholders is likely minimal. No impact on operations or business fundamentals.